GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Lloyd's of London

Lloyd's of London
is a registered company.

Synonyms:Lloyd's
Filed Under: companies-associations, financial-banking, insurance, investments
Tags: banking, insurance, investment
 

Definition of Lloyd's of London

Lloyd's of London
1. An insurance and reinsurance market based in London, England, formed in the year 1688. Lloyd's of London, or Lloyd's for short, is not a single company but rather a corporate body that serves as a marketplace for Lloyd's members (both individuals and corporations), underwriters and financial backers to pool together to spread and share risk. In addition to individual members (known as "names"), in 1994, Lloyd's allowed corporate members into the market,.

Related Terms and Acronyms:

  • approved for reinsurance   A company that is certified to provide reinsurance in a certain area.
  • finite reinsurance   A reinsurance arrangement where the reinsurer only takes on a limited amount of risk from the ceding party.
  • insurance (insur)   An arrangement where one party provides financial protection to another party for specific damages or losses.
  • lloyd's syndicates   A group of Lloyd's of London underwriters.
  • reinsurance ceded   The amount of insurance that is reinsured with another insurance company.
  • reinsurance recoverables to policyholder surplus   A method used to determine how much an insurer relies on reinsurance.
  • secondary market   A market where financial instruments such as stocks, bonds, options and futures are bought and sold to investors.
  • underwriter   An entity that issues and distributes financial products including equity capital, credit, mortgages, and insurance.
  • underwriting (UW)   Assessing individuals for eligibility and issuing and distributing a financial product such as insurance, equity capital or credit.
  • underwriting risk   The total amount of risk an entity takes on from underwriting something.

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